Patrick
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Registered: 25th Apr 02
Location: SE London
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Me and 3 other mates were having a serious chat in the pub last night. We were thinking about all getting together and going to the bank to get a morgage on a cheap house that needs renovating. Doing the house up and selling for a hefty profit. Then continue along this pattern until, we either get fed up or can afford to continue alone.
Anyone ever done this, or know anyone that has done this. A few people have said it never works and puts too much strain on friendships etc. But I can't see the problem. We are all pretty competent at DIY and have quite a few contacts in the building trade.
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Brett
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Registered: 16th Dec 02
Location: Manchester
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Good idea in principal
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ed
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Registered: 10th Sep 03
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If you know what you are doing then do it. Otherwise you wont make any money.
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Jamie Walby
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Registered: 15th Nov 04
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I have always fancied doing thins but then you see all the failures on TV and think maybe not
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gianluigi
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Registered: 9th Mar 05
Location: Ipswich, Suffolk
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money making idea that is....but many constraints, and many costs involved,and whats more HARD work. but will be worth it in the future.
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Half Pint
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Registered: 25th Mar 02
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it becomes a problem when it not all equal i.e someone is a bit skint one month or someone does not help out . but is still a good idea !
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Ja@Vision
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Registered: 27th Jan 05
Location: Gerrards Cross
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Think that boat has sailed on that idea. Know a few people who did it made alot of money and they have moved on to other projects.
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evna
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Registered: 18th Oct 05
Location: Halesowen, Birmingham
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Do remember, you wil have to outline the project. If youre going to get a morgage, you're going to need more than to just pay off the house of course..Depending on the state of the house, lined structure/studding/plaster/flooring/electrics/plumbing etc..this could come to as little as 15,000..or run into 100's.
Ive been in project management before, working closely as a sub contractor on a new build. If you do need any advice, ill gladly help you
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Andrew
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Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
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I'm thinking of doing this for my next house. Thing is, i wanna take out a couple of walls in my flat now but don't want all the mess so it would be nice to get it how i want it before i move in.
Good idea if you can trust your mates.
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SetH
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Registered: 15th Jul 01
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friends and business does not go well IMO
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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aslong as all of you intend to follow it through all the way then it can work out well.
The problems come when you dont work out your costs well, or one of you decides they cant be arsed anymore!!
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CCA
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Registered: 6th Dec 04
Location: Somewhere Drives: Not a bloody Vauxhall!
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If you think that your mates are reliable and that you will not be falling out with them and that you will all pull your weight with helping out.
I dont know people that have done this but i know someone who bought an house and rented it out and now has quite afew houses he rents (totally different to this though  )
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Russ
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Registered: 14th Mar 04
Location: Armchair
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bear in mind. selling a house can take 12 months...
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Jambo
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Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
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quote:
Originally posted by SetH
friends and business does not go well IMO
here here.
Also i would like to add knowing more than a couple of people who do this it isnt as clear cut and easy as u make out, and the housing market is unpredictable!
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Jambo
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Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
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quote:
Originally posted by Russ
bear in mind. selling a house can take 12 months...
If not longer!
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